If you’re thinking of buying a franchise, you’re probably wondering which franchise is the best to own. Finding the best franchise to own isn’t always easy. It doesn’t matter how many times you read the Entrepreneur Franchise 500. Nor does it matter how many hours you spend Googling terms like “best franchise to own,” “best franchise to buy,” or “top franchise opportunities.” That’s because someone else’s perfect franchise could prove a bad fit for your goals, your skills, and your situation.
If you’re going to find your best franchise to own, you’ll need to think about what you’re looking for from a franchise. That means asking yourself some tough questions…
How to Find Your Best Franchise to Own
What are my core goals for franchise ownership? This is a crucial question for anyone trying to choose their best franchise to own. Yet many entrepreneurs skip this question entirely. Without a sense of your core goals, you could make your choice based on the wrong priorities.
So ask yourself: What’s most important to you about owning a franchise? Is it professional independence? Financial success? A sense of accomplishment? A better work/life balance? Try to identify your three biggest reasons for buying a franchise, then rank them in order of importance.
What are my long-term plans for my franchise? Some entrepreneurs are happy to run a single franchise. Others set their sights on multiple franchise locations. And while some franchise owners are happy to run their business for 10+ or 20+ years, others will want to sell their franchise to retire.
When choosing your best franchise to own, make sure you’ve thought about these issues. Otherwise, your franchise could dictate your choices for you.
How much can I afford to invest upfront? For most entrepreneurs, this is an obvious and relatively easy-to-answer question. But it will play a big role in choosing your best franchise to own.
When setting a budget for your franchise purchase, be careful and realistic. Don’t assume you’ll qualify for a loan unless you’ve done your homeowner. Don’t leave yourself without enough runway to survive the first 18 to 36 months. And don’t put yourself at risk by overextending your finances.
How do I want to operate my business? When you’re buying a franchise, you’re choosing how you’ll work for the next 5 to 10 years (or more). So it’s important that you choose a business that fits your work habits and preferences.
With a Murphy Business franchise, for example, entrepreneurs have the chance to work from home as a sole proprietor. This is a great fit for disciplined and self-sufficient entrepreneurs who enjoy working independently, but less so for professionals who enjoy being on the front lines with other team members.
Will I be able to leverage my existing strengths? For most people, the best franchise to own is one that takes advantage of their existing strengths. While you don’t need to be an industry expert for your franchise of choice, you’ll want to make sure it’s a fit for your professional skills and experience.
At Murphy Business, this is one of the reasons we require existing business ownership and/or C-suite experience from our franchisees. We then augment our franchisees’ existing skillsets with detailed education and training in the business brokerage industry.
Will I have the resources and the support that I need? Different franchisors offer different levels of support to their franchisees. Some franchisees are happy to take a more-or-less DIY route. But for most entrepreneurs, the best franchise to own will be one with more of a turnkey model.
This is why the team at Murphy Business invests heavily in training and franchisee support. On top of providing a proven process for brokering business transactions, we also offer detailed education in the brokerage industry, plus on-call guidance support from our regional directors, all of whom are experienced brokers themselves.
How will franchise ownership impact my personal life? One of the chief benefits of a Murphy Business franchise is the work/life balance enjoyed by our franchisees. Most of our brokers work from home and are able to set a schedule that meets their needs, so they don’t deal with the personal pressures faced by other franchise owners.
This is an important issue, and one that’s often neglected by first-time franchise buyers. While running a franchise takes personal sacrifice, too many franchisees overestimate how easily they can manage the pressures of an irregular schedule or a 60+ hour workweek.
Will I love my work? When you own and operate your own business, it’s important that you love what you do. That doesn’t mean that you need to love every aspect of your business. But when you wake up, you should feel excited about the work that you’ll be doing. And when you go to bed at night, you should feel satisfied with all that you’ve accomplished.
While a business brokerage franchise offers a ton of potential, that potential can only be achieved through hard work. If you don’t find the work of business brokerage rewarding on its own, financial success may prove elusive. But if you love working closely with small and mid-sized business owners, then Murphy could be your best franchise to own.
Looking for your best franchise to own? Call (727) 725-7090 today for detailed information on the Murphy Business franchise opportunity.